Bitcoin’s $85,000 Recovery Still Needs One Crucial Confirmation From ETF Buyers

By Isaac • October 4, 2026 7:17 pm •

Bitcoin is back above $85,000, but the market has not answered the question that matters most: did long-term buyers keep showing up after Friday’s jobs report, or did the rally get most of its fuel from traders rushing to close short positions?

That distinction matters because short covering can produce a sharp move without creating the durable demand needed to hold it. A rally becomes much harder to dismiss when spot buyers and exchange-traded funds continue adding exposure after the first burst of forced buying is over.

CryptoSlate’s post-payroll analysis placed the strongest short-liquidation burst before the employment report. It cited Glassnode data showing roughly $50 million in short liquidations during a ten-minute window early Thursday,